Blacksburg

Non-Judicial

In a non-judicial foreclosure state, the lender does not need to go through the court system in order to foreclose on a property. This process can be quicker and less expensive for the lender compared to a judicial foreclosure.

Attorneys and title companies conduct real estate closings. Conveyance is by bargain-and-sale deed. Deeds of trust are the customary security instruments. Foreclosure takes about 2 months. Virginians use ALTA policies and endorsements. Buyers pay the title insurance premiums and the various taxes. Property tax payment dates vary.

Payment dates vary.

YES. Key components of property management (leasing and renting) are considered real estate activities under existing Virginia real estate licensing laws. If a property manager is going to lease or offer to lease, or rent or offer for rent, any real estate or improvement on real estate, he or she will need a broker's license. A salesperson working under a broker may engage in such activities.

YES. For example, regularly salaried employees of property owners are exempt if they limit their activities to showing units, providing factual information about the lease and accepting applications, security deposits and rents. For more information about these and other Virginia property management requirements and exceptions, please contact the Virginia Real Estate Board. Before hiring a property manager to manage your Virginia rental property, you should always check that he or she is licensed appropriately. You can check the license status of Virginia property managers using their Licensee Lookup.

Virginia recently implemented a licensure program for community association management companies. Any firm offering services as a common interest community manager must be licensed. For more information about these and other Virginia community management requirements and exceptions, please contact the Virginia Real Estate Board. Before hiring a community association or condo association manager to manage your Virginia common interest community, you should always check that he or she is licensed appropriately. You can check the license status of Virginia community association managers using their Licensee Lookup.

Virginia real estate broker licensing requirements include: - Age: must be at least 18 years old - High School: must have a high school diploma or equivalent - Education: must complete 180 hours of education - Exam: must pass the State and National Portions of the broker examination. Exam fee is $60. - Experience: must have been actively engaged as a salesperson for 36 out of the 48 months preceding application for licensure

Virginia real estate salesperson licensing requirements include: - Age: must be at least 18 years old - High School: must have a high school diploma or equivalent - Education: must complete 60 hours of education course "Principles in Real Estate" - Exam: must pass the State and National Portions of the salesperson examination. Exam fee is $60